Ethereum is trading in a positive zone above the $2,400 support area against the US Dollar. If there is a clear break above $2,500, ETH price is likely to rally.
- Ethereum is trading in a positive zone above the $2,400 and $2,420 support levels.
- The price is now trading above $2,450 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $2,400 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair can make a short correction, but the price is likely to remain a good bid above $2,400.
Ethereum price is showing positive signs
Ethereum Begins After Forming a Base Above $2,350 steady increase. ETH broke the $2,400 resistance area and it settled well above the 100 hourly simple moving average.
However, Ether struggled to achieve the same momentum. Bitcoin. It climbed above the $2,450 and $2,500 resistance levels. There was also a break above a major bearish trend line with resistance near $2,400 on the hourly chart of ETH/USD.
The pair tested the $2,550 resistance and it is now correcting gains. It traded above the 23.6% Fib retracement level of the move from $2,311 low to $2,554 high. Ether is now trading above $2,450 and the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
The first major support on the downside is near the $2,440 level. It is near the 50% Fib retracement level of the upward move from $2,311 low to $2,554 high. On the upside, the price is facing resistance near $2,520.
A major breakout resistance is now forming near the $2,550 level. Levels above the $2,550 level could start a major rally towards the $2,680 or $2,750 level in the near term.
Supported Dips in ETH?
If Ethereum fails to clear the $2,520 and $2,550 resistance levels, it could start a downside correction. An initial support on the downside is near the $2,450 level.
Major support is now forming near the $2,440 level and the 100 hourly SMA. A break below $2,450 could potentially put a lot of pressure on the bulls. The next major support is near the $2,400 level.
hourly macd – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
hourly rsi – The RSI for ETH/USD is currently above the 50 level.
Key Support Level – $2,440
Key Resistance Level – $2,550